Proposed regulation will likely raise taxes on closely held business interest transfers

In early August, the IRS proposed a regulation, that if adopted as written, will have a significant (possibly up to 50%) increase in the transfer of closely held business interests in the gift and estate tax contexts. The proposed “look back” period is three years, so if you’ve used marketability or “control” as a basis for reducing your taxes within the last three years, you’ll want to check in with your accountant, lawyer, and financial advisor pronto!

The proposed regulation has drawn 70+ comments (ranging from “No death tax please” to full out diatribes). You can add your own comment  here until midnight, Nov. 2, 2016.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s